Cocrystal Pharma Announces $6.8 Million Registered Direct Offering Priced At-the-Market
March 09 2020 - 2:00PM
COCRYSTAL PHARMA, INC. (NASDAQ: COCP) (“Cocrystal” or
the “Company”), a clinical stage biotechnology company
discovering and developing novel antiviral therapeutics, today
announced that it has entered into definitive agreements with
several institutional investors for the purchase of 5,037,038
shares of its common stock at a price of $1.35 per share, for
aggregate gross proceeds of approximately $6.8 million, in a
registered direct offering priced at-the-market under Nasdaq rules.
The Company intends to use the net proceeds for working capital and
other general corporate purposes.
H.C. Wainwright & Co. is acting as exclusive
placement agent for the offering.
The offering is expected to close on or about
March 11, 2020, subject to the satisfaction or waiver of customary
closing conditions.
This offering is being made pursuant to an
effective shelf registration statement on Form S-3 (No. 333-220632)
previously filed with the Securities and Exchange Commission (SEC).
A final prospectus supplement and the accompanying prospectus
relating to the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov.
Alternatively, when available, electronic copies of the final
prospectus supplement and the accompanying prospectus may be
obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New
York, NY 10022, by email at placements@hcwco.com or by phone at
(646) 975-6996.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical stage
biotechnology company discovering and developing novel antiviral
therapeutics that target the replication machinery of influenza
viruses, hepatitis C viruses, and noroviruses.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements related to our ability to
complete the offering, our intended use of proceeds and other
statements that are not historical fact. We have based these
forward-looking statements largely on our current expectations and
projections about future events. Some or all of the events
anticipated by these forward-looking statements may not occur.
Important factors that could cause actual results to differ from
those in the forward-looking statements include, but are not
limited to, the risk that the offering may not close, risks arising
from our reliance on continuing collaboration with Merck Sharp
& Dohme Corp. under the collaboration agreement entered into
last year, market and other conditions, the availability of
products manufactured by third parties, the future results of
preclinical and clinical studies, the research organization’s
inability to recruit subjects and complete the Phase 2a study in a
timely manner or at all, including as the result of civil unrest
and political instability in Hong Kong, general risks arising from
clinical trials, receipt of regulatory approvals, our ability to
find and enter into agreements with suitable collaboration
partners, unanticipated litigation and other expenses and factors
that affect the capital markets in general and early stage
biotechnology companies specifically. Further information on our
risk factors is contained in our filings with the SEC, including
our Annual Report on Form 10-K for the year ended December 31, 2018
and our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019. Any forward-looking statement made by us herein
speaks only as of the date on which it is made. Factors or events
that could cause our actual results to differ may emerge from time
to time, and it is not possible for us to predict all of them. We
undertake no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Investor and Media Contact: JTC Team, LLC (833)
475-8247 COCP@jtcir.com
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